{"F": {"ts_code": "600060.SH", "name": "海信视像", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "黑色家电", "sw3": "彩电", "ind": "黑色家电", "fin_source": "tushare", "market": "主板", "list_date": "19970422", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 28.6, "pe_ttm": 14.3898, "pb": 1.6879, "dv_ttm": 3.2878, "total_mv": 3732220.492, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.9, 15.8, 18.2, 16.9, 15.7, 16.7], "rev_series": [393.1, 468.0, 457.4, 536.2, 585.3, 576.8], "np_series": [12.0, 11.4, 16.8, 21.0, 22.5, 24.5], "roe_series": [7.9, 7.2, 10.0, 11.5, 11.7, 12.0], "period": "20260630", "rev_ttm": 586.9, "np_ttm": 25.9, "ocf_ttm": 39.2, "fcf_ttm": 33.8, "fcf_yield": 9.1, "ocf_yield": 10.5, "gm_median": 16.7, "gm_std": 0.9, "gm_stab": 0.94, "gm_chg_2022": 0.3, "npm_median": 4.7, "roe_median": 11.5, "commodity": false, "hard_ratio": 10.0, "fix_assets": 47.6, "goodwill_ratio": 1.9, "pb_calc": 1.69, "capex_dep": 0.74, "interest_debt": 13.6, "debt_ebitda": 0.3, "debt_ratio": 42.1, "debt_mv": 3.6, "payout": 49.8, "div_years": 5, "rev_cagr3": 8.0, "np_cagr3": 13.5, "rev_yoy": 3.7, "np_yoy": 13.2, "np_vol": 18.1, "loss_years": 0, "far_share": 65.0, "earn_yield": 6.9, "consensus_n": 29, "fwd_pe": 13.4, "fwd_pe2": 11.9, "fwd_g1": 8.0, "fwd_g2": 12.0, "peg": 1.12, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 28.8, "ret_prev2_year": -0.8, "ret_ytd": 22.5, "ret_pivot": 86.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 13.3, "ret_60": 5.8, "ret_120": 33.8, "ret_250": 37.7, "mdd_250": -20.7, "vol_250": 35.0, "pos_52w": 99.9}, "S": {"duration": 30, "pricing": 49, "hard": 16, "bondness": 50}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 50%、股息率 3.3%、营收 3 年复合 8.0%、有息负债/EBITDA 0.3 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 16.7%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 9.1%(经营现金流/市值 10.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.7%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.3 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 10%,资本开支/折旧 0.74 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.4 倍 粗算,约 65%(1 − 5/PE)。中等。"]], "价格行为": "近一年 38%,最大回撤 -21%,年化波动 35%,现价在 52 周高点的 100%;近 20 / 60 / 120 日 13% / 6% / 34%。", "行业对照": ["同申万二级「黑色家电」9 家中位:PE 38.9 / 股息率 0.9% / 毛利率 16.7% / 固定资产占比 18% / 分红率 51%。", "海信视像:PE 比行业中位低 24.5倍;股息率 比行业中位高 2.4个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 7.8个百分点。"]}}